EX-1 2 e1.htm EXHIBIT 1:INCOME STATEMENT (FOURTH QUARTER 2004)

	Exhibit 1: Income Statement (Fourth Quarter 2004)
				Ch$ millions				US$ millions (1)
				Q4'04	Q4'03			Q4'04	Q4'03			% Change
	Net sales			126,499	120,956			226.9	217.0			4.6%
	Cost of goods sold			(58,664)	(53,369)			(105.2)	(95.7)			9.9%
		% of sales		46.4%	44.1%			46.4%	44.1%
	Gross profit			67,835	67,587			121.7	121.3			0.4%
		% of sales		53.6%	55.9%			53.6%	55.9%
	SG&A			(45,113)	(45,092)			(80.9)	(80.9)			0.0%
		% of sales		35.7%	37.3%			35.7%	37.3%
	Operating income			22,722	22,494			40.8	40.4			1.0%
		% of sales		18.0%	18.6%			18.0%	18.6%
	Non-operating result
		Financial income		11	369			0.0	0.7			-97.1%
		Equity in NI of rel. companies		167	135			0.3	0.2			23.0%
		Other non-operating income		3,357	1,104			6.0	2.0			204.1%
		Amortization of goodwill		(468)	(477)			(0.8)	(0.9)			-1.8%
		Interest expenses		(1,303)	(1,763)			(2.3)	(3.2)			-26.1%
		Other non-operating expenses		(1,283)	(1,831)			(2.3)	(3.3)			-29.9%
		Price level restatement		(164)	(1,954)			(0.3)	(3.5)			-91.6%
		Currency exchange result		308	1,129			0.6	2.0			-72.7%
		Total		624	(3,288)			1.1	(5.9)			NM
	Income before taxes			23,346	19,207			41.9	34.5			21.6%
		Income taxes		717	(1,012)			1.3	(1.8)			NM
		Tax rate		-3.1%	5.3%			-3.1%	5.3%
	Minority interest			(646)	368			(1.2)	0.7			NM
	Amort. of negative goodwill			7	7			0.0	0.0			-4.0%
	Net income			23,424	18,570			42.0	33.3			26.1%
		% of sales		18.5%	15.4%			18.5%	15.4%
	Earnings per share			73.54	58.31			0.13	0.10			26.1%
	Earnings per ADR			367.72	291.53			0.66	0.52
	Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
	Depreciation			8,878	9,145			15.9	16.4			-2.9%
	Amortization			481	434			0.9	0.8			11.0%
	EBITDA			32,081	32,073			57.6	57.5			0.0%
		% of sales		25.4%	26.5%			25.4%	26.5%
	Capital expenditures			7,006	4,136			12.6	7.4			69.4%
	(1) Exchange rate: US$1.00 = Ch$557.40